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Income tax section 54

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Dattatray kolte

Others

27 Points Posted on 24 August 2015

As per my knowledge, if someone sell residential property after three years capital gain will be long term capital gain. Also if he invest all money again in to residential property then no tax. However how to calculate 3 years?

1. From the agreement registration date

2. Fom possession date (many time builders take 3-4 years for consiructing property)

i feel this tricky

Replies (1)

CMA Poornima Madhava

CMA

9106 Points Posted on 24 August 2015

If the following conditions are satisfied, the purchaser becomes the deemed owner of the property (even though s/he is not a registered owner):

there is an agreement between the purchaser and the seller
the purchaser has paid the consideration or he is ready to pay the consideration (not applicable in case of gift)
the purchaser has taken the possession of the property